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a delufion, and that the effect of the whole was too fallacious to deferve their reliance, as the ground of a proceeding of fo ferious and important a nature. Mr. Sheridan begged leave, once for all, to be understood as not meaning to convey any imputation on the perfons who compofed the committee; at the fame time that he must confefs, that he thought the manner in which the committee had been formed liable to great objection. Mr. Pitt had gone the length of avowing, that he fhould not be ashamed to deliver lifts of his own friends to be ballotted for to form the committee. He fhould have imagined, that a fair and impartial committee, compofed of men of different fentiments, men, who were as likely to have drawn out the dark fide of the question as the favourable one, would have been the best adapted for fuch an occafion.

The committee, in the exordium of the report, obferved, that the large amount of the taxes propofed fince the commencement of the late war, the difficulties under which the different branches of our commerce laboured during the continuance of that war, and the great and increafing prevalence of illicit trade previously to the meatures recently adopted for its fuppreffion, appeared to render any averages of the amount of the revenue in any former periods, in a great degree inapplicable to the prefent fituation of the country. The very reverfe of this reafoning ought to have prevailed. The committee would have done much more wifely to have stated the averages of former periods; and where, Mr. Sheridan afked, was the difficulty, fince peace was no new fituation to this country? The favourite object of the report was to hold up the meafures, recently taken by the minifter

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of the day for the prevention of fmuggling, as the principal caufe of the fuppofed increase of the public income. Mr. Sheridan contradicted this pofition. He mentioned fugar and feveral other articles, the revenue upon which could not be fuppofed to have been affected by these measures. Indeed he knew not how thofe measures could in any refpect be faid to have tended to the increase of the revenue, unless it was in the effect of the commutation-tax. The operation of that regulation was to increafe the confumption of tea in this kingdom, and particularly of teas of the finer. fort, and thus to extend a trade, the balance of which had already been fo bighly difadvantageous to this country. The immediate confequence of this measure was, that the East India company was placed under the neceffity of taking up from the public according to the citimate of one of her moft active members, Mr. Baring, four millions of money. This was doubtless an overitatement; but whatever were the fum, the company must borrow it of the bank, and parliament be the focurity, which was exactly the fame as if they had fent it themfelves. Mr. Sheridan pointed out feveral articles which appeared to him to have been erroneoufly calculated; the game duties, the poft-horse tax, the duty on gloves, the duty on medicines, the fhop-tax, and the tax on attornies. To what a vaft number of years must parliament look forward, even admitting that the committee had been founded in its arguments, for the completion of their wonderful defigns? The fent members of the house would prebe departed, and their political exiftence terminated. They, the old grey-bearded ftewards, who had rack-rented the tenants, diftrained

their

their goods, and levied executions, would be then no more; they would have left the new parliament like a young heir to come into the poffeffion of an unincumbered ellate. Mr. Sheridan obferved, that there were many expences that would probably come upon the public before the year 1791, of which the committee had not taken the leaft notice in their report. He declared, that he thought 1,800,000l. too low for the peace establishment of the navy. He reminded the houfe, that our fituation was now very different from what it had been at the end of the war before the laft. We could then reft in fecurity with a much smaller naval force than was now neceffary for our protection. The national glory and honour were at that day a fufficient guard; but, though our efforts had been wonderful during the late war, ftill it was to be remembered, that we had been unfuccefsful. When the fyftem of fortifications had been reprobated, the house would recollect, that they were all agreed in the premises that it was right to protect the dock-yards; and that, when the new-fangled mode of protection was rejected, it was determined to defend them in the old fashioned, vulgar way, by a strong navy. He at the time, and he believed many others had expected, that a part of the money refused for the fortifications would have been demanded for the purpose of strengthening the navy. Befide, though the propofed fortifications had been rejected, yet fome fortifications there would be, and they certainly would coft fomething. Another expence was, the civil lift, for it was pretty generally understood, that the king food in need of the whole goo,oool, for his own expenditure. The establifhment of the other branches of the

royal family must be added to the general eltimate. There was another fubject which could not long be deferred, and that was the increafe of the income of the prince of Wales. Thefe additions to the expenditure, together with feveral others which Mr. Sheridan enumerated, amounted to 4,000,000l.; to pay which he faw nothing in the report which deferved to be depended upon. At prefent it was clear there was no furplus, and the only means which fuggefted themfelves to him for procuring the fum wanted to commence the fyftem, was a loan of a million for this fpecial purpose. For the minister might fay with the perfon in the comedy," If you will not lend me the money, how can I pay you?" Certain he was, that to rely on the report on the table, and to proceed with a bill founded upon fo fallacious principles and fo erroneous reafonings, would be the height of rafhnefs and prefumption. It would be trufting too much to chance; and, if Mr. Pitt were imprudent enough to risk it, it would ill become that houfe to countenance fuch a conduct. If they did, they would act like a fchool-boy, who, for the fake of getting at the fruit, grafped at the first branch which he could reach, and not only pulled down the unripe fruit, but deftroyed the bloffom, the bud and the bough, the hopes of a future crop.

Mr. Sheridan's refolutions were as follow: "That the expected annual amount of the national income ftated in the report of the committee, appeared in no refpect to have been calculated upon the average receipts of a number of years, but was fixed at the amount of the produce of one year only, with the addition of the probable increase of the new taxes: That it appeared, that the account

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of the annual expenditure, as oppofed to the amount of the income fo calculated, was not a statement of the prefent exifting expenditure, or of that which mult exift for fome years to come, but was formed from the probable reductions, which it was alJedged would have taken place in the profpect of permanent peace towards the end of the year 1791: That the different branches of the revenue, in the period upon which the future was calculated, appeared to have been fingularly productive, particularly in the customs: That it did not appear, that any means had been taken or information called for, in order to afcertain whether fuch an increase of revenue had arifen from caufes which were likely to have a permanent operation or otherwife; and that fuch an inveftigation was indifpenfably neceffary: That the uncertainty of eftimating by fuch a criterion the expected future produce of the revenue, was ftill more evident upon a comparifon of the quarter day ending the fifth of April laft, with the fame quarter in the preceding year upon which the future income was calculated; by which it appeared that the amount of the latter quarter was inferior in the article of customs by the fum of 188,2151. 138. 4d. to the former: That in the faid report there were certain articles of receipt erroneoufly ftated, as proper to be added to the future annual income, and other articles of expence erroneoufly omitted to be added to the expenditure: That the fums voted, and to be voted for the prefent year confiderably exceeded 15,397,4711.: That the means by which the deficiency was to be made goed arofe from aids and debts that belonged to the prefent year only: That there was no furplus income ow exifting applicable to the reduction of the

national debt: That a furplus income in the enfuing quarters could arife only in the renewal of a loan' for an extraordinary million, borrowed upon exchequer bills in the last year, and which it would be unneceffary to make but for the purpofe of fecuring that furplus : That an extraordinary increafe of exchequer bills was an inexpedient anticipation of that affiflance which government might receive in the event of a peculiar emergency: That the faving to the public upon the intereft of money borrowed in this way, was rendered precarious by the ncceffity of the more fpeedy iffuing of fuch bills, in order that the object for which the loan was made might be effectuallyanfwered: That, admitting, that by the foregoing means the expected furplus would arife upon the three enfuing quarters, it appeared, that there would then be an interval of nearly four years, before the commencement of that permanent peace establishment, which was to furnith in the reduction of its fervices the expected fürplus: That in this period it appeared from the vouchers annexed to the report and other papers that a fum amounting to 4,000,000l., befides 2,000,000l. due to the bank, would be wanted above the stated annual income: Finally, that for this fum of 6,000,ool. there appeared to be no adequate provifion or refource." The refolutions were carried in the negative without a divifion.

It was not difcovered till the finking fund bill was in a committee, that a part of the powers delegated by that bill to the new commitioners ran counter to preceding acts of parliament. The matter, was thus explained to the houfe by fit Grey Cooper. The bill affumed and delegated a "power to pay off and redeem the redeemable public an

nuities

nuities at or above par upon fuch notice, and on the payment of fuch fums, as were prescribed and directed by the faid claufe." The error probably arofe from a negligent and inattentive conftruction of the words" redeemable annuities." It might have been expected, that the perfon, who propofed this moft important bill, thould have known or been inftructed, that the public annuities were not redeemable in the unlimited fenfe of the word, but only in a certain manner and under fpecific terms and conditions; with refpect to the formalities that thould precede, and the amount of the fums that fhould be paid off at each period of redemption. If the claufe had remained as it then flood, the commiffioners either could not have applied any portion of the money to be vested in them, towards the redemption of any part of the public debt at par; or if they fhould have taken any fieps or given any notices for that purpofe, all fuch proceed ings and tranfactions would have been null and void. This would have been an inaufpicious opening to a great plan for the reduction of the national debt. The credit of this country had been maintained by a regular obfervance of the plighted faith of parliament, and by an invariable adherence to the compact of the public with its creditor. The moft minute aberration from this line of conduct, the leaft tendency to obliquity or indirection in any tranf action with the stockholders, the most distant fufpicion that an implied or a partial confent could break one fibre of the public engagements, would affect the future ftate and condition of the kingdom in its refources, and in its loans when neceffity fhould demand them, infinitely more than the most profperous fuccefs of the prefent measure could ever compen

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An amendment was made to remove this objection.

A farther amendment was made by Mr. Fox in concert with Mr. Pitt. Mr. Fox repeated the objection, which he had originally made to the circumftance of making the finking fund unalienable in time of war, and ftated that his objection rested upon the difficulty into which the country might confequently be thrown in the negociation of a future loan. What he fhould with therefore was, that, whenever a new loan fhould hereafter be made, the minifter fhould not only propose taxes, which were efficacious and productive to pay the intereft of the loan, but alto fufficient to make good to the sinking fund what had been taken from it; and that at the fame time the commiffioners should be empowered to accept the loan, or fo much of it, as fhould be equal to the cash of the public which might be then in their hands. He meant, that, if, when a new loan of fix millions was propofed, there fhould be one million in the hands of the commithioners; in fuch cafe the commiffioners fhould take a million of the loan, and the bonus or douceur of that million should be received by them for the public; fo that, in fact, the public would only have five millions to borrow. Mr. Pitt was peculiarly happy to find a motion of this nature come from Mr. Fox, becaufe it proved to him, that the idea which he had entertained of Mr. Fox's opinion upon the fubject was erroneous. He had, he confeffed, imagined, that his objeċtion was built upon grounds much lefs politic and liberal. He had apprehended that Mr. Fox's principle had been, that the whole of the fund, as well the annual million as the accruing intereft, fhould be liable at all times of difficulty to be

applied

applied to the current fervice. Mr. Pitt added in recommendation of she amendment, that the chief apprehenfion, which could arife in the minds of thofe who wished well to the inftitution, was that it might afford a temptation to future minifters in times of diftrefs, to apply the fund to the exigencies of goverment, in order to relieve themselves from the painful neceffity of doing their duty in raising the fupplies. Now this amendment would prove a means of preventing any tempt ation, becaufe, without interfering with the main purpose of the eftablishment, every advantage, which could refult to a minifter by diverting the money to the current fervices, might be obtained. Mr. Pitt hoped that pofterity would take an example from the prefent moment, and perfevere in the perfection of the object which was now begun; and he thought it no inaufpicious omen for the ultimate fuccefs of the plan, that its propriety and neceffity had been fo obvious, as to overcome the fpirit and prejudice of party, and to create an unanimity and concurrence of fentiment in perfons, who, more, he was fure, from accident than inclination, were in general of different opinions. The amendment was received.

The other objection of Mr. Fox was pursued with fome variation in the houfe of lords by earl Stanhope. This nobleman fuggefted his idea to the house upon the fecond reading of the finking fund bill, which took place on the twenty-fecond of May. He thought that no apprehenfion was more alarming, than that of the diverfion of the new finking fund in time of war, and that the only way to encounter this objection was by the fubfcription of individuals. He stated that 4,000,000l. of free revenue to which the finking

fund was finally to accumulate, would enable a minister to obtain 80,000,000 by way of loan. He alluded to the fpeech of Mr. Pitt, in which he had stated it as a recocommendation of Mr. Fox's clause, that it tended to diminish the temptation to divert the finking fund. Earl Stanhope faid, that any man, who could ufe fuch an argument, abfolutely abandoned the defence of the bill. The plan he propofed was, that books fhould be opened at the bank in order to receive the names of fuch holders of flock bearing three per cent. intereft, as should be willing to fignify their confent to ac cept of gol. for every 100l. of their prefent capital, whenever the public hould be defirous of redeeming the faid capital at that price; and that all holders of this new three per cent. flock, fhould be entitled to be paid off, before any part of any other public ftock fhould be redeemed. It was not however carl Stanhope's intention, to deprive the commiffion. ers of the power already delegated to them of purchafing stock at the market price during a certain period, but merely to pledge the public to redeem the new three per cents. at 90l. whenever it should be judged expedient, prior to their redeeming any other portion of the national debt. In recommendation of his fcheme, lord Stanhope produced the letters of feveral eminent brokers, bankers and merchants, and of doc tor Richard Price.

There was no fituation, said lord Stanhope, however unfortunate, which did not afford fome species of confolation; and, fuch had been the goodnefs of providence towards mankind, that circumstances of miffortune generally carried fome alleviation along with them. The prefent fituation of our finances afforded an inftance of this. If we were

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